Copper fabricators in China, the biggest national consumer of the red metal, are paying the highest premium in 29 months to secure delivery of it, Bloomberg News reported.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper bar, which saw a 1 percent increase to CNY 48,780 ($7,843) per metric ton. This week marked the fifth in a row of rising prices for the metal. At CNY 48,980 ($7,875) per metric ton, the cash price of Chinese copper finished the week 1 percent higher. The price of Chinese copper wire rose 0.3 percent over the past week to CNY 47,580 ($7,650) per metric ton. This was the third week in a row of increasing prices. Following a steady week, prices for Chinese bright copper scrap closed flat at CNY 44,300 ($7,122) per metric ton.
On the LME, the cash price of primary copper remained steady from the previous week at $6,631 per metric ton. At $6,632 per metric ton, the 3-month price of copper remained essentially flat on the LME.
The price of US copper producer grade 122 fell 0.8 percent to $3.73 per pound after rising 0.5 percent the week before. Following a 0.5 percent increase in the week prior, the price of US copper producer grade 110 fell 0.8 percent last week to $3.73 per pound. The price of US copper producer grade 102 fell 0.8 percent to $3.92 per pound after rising 0.5 percent the week before. The cash price of primary Japanese copper rose 0.1 percent to JPY 705,000 ($6,881) per metric ton after falling 2.5 percent during the previous week. At KRW 9,640 ($9.28) per kilogram, the price of Korean copper strip did not change since the previous week.
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